Credit scores show a noticeable division across nation, VT and NH high

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Credit scores show a noticeable division across nation, VT and NH high

Wed, 06/12/2019 - 1:05pm -- tim

Vermont Business Magazine Having a good credit score is a sign of good financial health. We all know that reducing your debt, and not spending beyond what you can afford can help increase your credit score.  But, here's a surprise: good credit scores are not evenly distributed across the US. Vermont and New Hampshire ranked 2 and 3 best and were among only four states an average credit rating above 700.

As a general rule, the average credit score is higher in northern states than the average credit score in southern states.

Best and Worst States for Credit Scores - FitSmallBusiness.com


Credit Scores by State – Complete Data


State
Avg Credit Score
Avg. Credit Score Ranking
Personal Bankruptcy per 100,000 

(10%)
Avg. Amount of Debt per Person 

(10%)
Cost of Living Index 

(10%)
Median Household Income 

(10%)
Unemployment Rate 

(10%)
Minnesota
709
1
226
$113,455.30
101.5
$63,488
3.1
Vermont
702
2
115
$30,000.09
118.7
$56,990
2.4
New Hampshire
701
3
189
$24,091.00
109.3
$70,303
2.4
South Dakota
700
4
140
$6,738.38
98.5
$53,017
2.9
Massachusetts
699
5
154
$42,003.81
133.8
$70,628
3.0
North Dakota
697
6
94
$36,012.50
98.7
$60,557
2.4
Wisconsin
696
7
369
$39,203.34
95.8
$55,638
2.9
Iowa
695
8
165
$33,594.07
91.8
$54,736
2.4
Nebraska
695
8
251
$8,426.00
93.3
$54,996
2.8
Hawaii
693
9
124
$869,250.00
190.1
$73,486
2.7
Washington
693
9
310
$32,562.97
109.5
$64,129
4.5
Connecticut
690
10
187
$32,045.45
128.8
$71,346
3.8
Maine
689
11
153
$91,183.42
117.2
$51,494
3.4
Montana
689
11
152
$46,740.00
104
$49,509
3.8
Colorado
688
12
341
$34,925.25
105.5
$63,909
3.7
New York
688
12
162
$70,153.60
135.7
$60,850
3.9
Oregon
688
12
315
$54,865.90
131.2
$54,148
4.4
Pennsylvania
687
13
186
$30,277.44
98.6
$55,702
4.0
Rhode Island
687
13
287
$34,454.64
122.5
$58,073
3.9
New Jersey
686
14
304
$39,070.92
122.5
$72,222
4.0
Illinois
683
15
470
$98,309.16
95.7
$59,588
4.3
Utah
683
15
468
$21,715.38
98.2
$62,912
3.0
Idaho
681
16
299
$9,300.55
94.2
$48,275
2.9
California
680
17
275
$38,890.97
138.7
$64,500
4.2
Kansas
680
17
260
$35,217.05
89.7
$53,906
3.4
Virginia
680
17
290
$81,194.04
102
$66,262
2.9
Ohio
678
18
360
$14,769.86
92.8
$51,075
4.6
Wyoming
678
18
169
$76,844.63
90.5
$60,214
3.9
Michigan
677
19
365
$21,718.89
89.3
$51,084
4.0
Missouri
675
20
352
$19,011.72
88.8
$50,238
3.2
Delaware
672
21
257
$8,583.75
106
$61,255
3.4
Maryland
672
21
347
$284,851.41
131.3
$75,847
3.7
Arizona
669
22
305
$22,037.88
97.7
$51,492
5.1
Alaska
668
23
56
$2,286.43
130.6
$73,355
6.5
Florida
668
23
347
$34,468.59
98.9
$49,426
3.5
Indiana
667
24
450
$166,844.21
90.1
$50,532
3.5
North Carolina
666
25
167
$28,089.26
94
$47,830
3.9
Kentucky
663
26
391
$16,060.05
91.8
$45,215
4.1
Tennessee
662
27
610
$20,466.45
89.5
$47,275
3.2
New Mexico
659
28
183
$22,325.06
92.8
$45,382
5.1
West Virginia
658
29
179
$9,253.92
94.7
$42,019
5.2
Arkansas
657
30
374
$18,790.17
88.4
$41,995
3.8
South Carolina
657
30
153
$43,110.51
98.3
$47,238
3.2
Oklahoma
656
31
256
$174,838.92
88.1
$48,568
3.3
Texas
656
31
132
$185,583.79
91.3
$55,653
3.8
Nevada
655
32
403
$165,739.71
108.3
$52,431
4.3
Alabama
654
33
519
$23,902.26
89.5
$44,765
3.7
Georgia
654
33
524
$13,229.68
91.2
$51,244
3.9
Louisiana
650
34
326
$6,139.85
93.6
$45,727
4.9
Mississippi
647
35
374
$24,083.34
85.7
$40,593
4.8
State
Avg Credit Score
Avg. Credit Score Ranking
Total Education Quality Score 

(10%)
Percent with a Bachelor's Degree 

(10%)
Median Age of Residents (US median: 37.8) 

(10%)
Percentage of Married Residents 

(10%)
State Dependency Score 

(10%)
Minnesota
709
1
60.34
34.8%
37.9
52.20%
20.12
Vermont
702
2
63.18
36.8%
43.1
49.70%
46.46
New Hampshire
701
3
65.11
36.0%
42.8
52.40%
31.58
South Dakota
700
4
52.27
27.8%
36.9
52.20%
39.94
Massachusetts
699
5
74.16
42.1%
39.4
46.60%
20.64
North Dakota
697
6
57.03
28.9%
34.4
52.30%
46.99
Wisconsin
696
7
57.59
29.0%
39.4
50.80%
29.57
Iowa
695
8
55.33
27.7%
38.1
52.80%
31.21
Nebraska
695
8
56.42
30.6%
36.1
53.10%
25.45
Hawaii
693
9
45.09
32.0%
37.7
49.80%
26.93
Washington
693
9
54.58
34.5%
37.5
51.00%
27.88
Connecticut
690
10
66.93
38.4%
40.6
47.90%
26.67
Maine
689
11
56.82
30.3%
44.6
51.00%
50.89
Montana
689
11
52.78
28.7%
39.9
52.20%
63.88
Colorado
688
12
57.45
39.4%
36.4
50.80%
28.94
New York
688
12
53.36
35.3%
38.3
44.60%
33.05
Oregon
688
12
39.79
32.3%
39.1
49.60%
43.44
Pennsylvania
687
13
51.36
30.1%
40.7
48.20%
42.94
Rhode Island
687
13
54.78
33.0%
39.7
45.10%
33.88
New Jersey
686
14
67.09
38.1%
39.6
49.00%
17.67
Illinois
683
15
54.2
33.4%
37.7
47.80%
19.92
Utah
683
15
50.99
32.5%
30.6
56.10%
18.56
Idaho
681
16
47.84
26.8%
35.8
54.90%
40.69
California
680
17
46.33
32.6%
36.2
46.70%
30.57
Kansas
680
17
55.55
32.3%
36.2
52.50%
10.7
Virginia
680
17
63.03
37.6%
37.8
50.00%
20.76
Ohio
678
18
51.93
27.2%
39.3
48.10%
35.34
Wyoming
678
18
57.02
26.7%
36.5
53.60%
50.39
Michigan
677
19
50.07
28.1%
39.7
48.10%
37.33
Missouri
675
20
51.2
28.2%
38.4
49.50%
43.76
Delaware
672
21
54.36
31.0%
39.7
47.70%
14.44
Maryland
672
21
57.82
39.0%
38.3
47.00%
41.38
Arizona
669
22
37.53
28.4%
37.4
47.30%
67.03
Alaska
668
23
35.87
29.0%
33.3
48.90%
64.3
Florida
668
23
52.1
28.5%
41.8
46.40%
37.96
Indiana
667
24
52.69
25.3%
37.5
49.30%
59.74
North Carolina
666
25
48.91
29.9%
38.4
49.00%
29.46
Kentucky
663
26
54.34
23.2%
38.8
49.80%
78.76
Tennessee
662
27
46.9
26.1%
38.7
49.30%
52.21
New Mexico
659
28
31.53
26.9%
37.4
44.90%
85.81
West Virginia
658
29
39.91
19.9%
42.2
50.20%
72.34
Arkansas
657
30
42.18
22.0%
37.9
50.10%
40.78
South Carolina
657
30
42.24
27.0%
39
47.30%
61.31
Oklahoma
656
31
48.79
24.8%
36.3
49.90%
44.24
Texas
656
31
46.9
30.7%
34.4
49.30%
34.27
Nevada
655
32
38.54
23.7%
37.8
45.70%
31.14
Alabama
654
33
38.98
24.5%
38.7
47.80%
71.65
Georgia
654
33
45.67
29.9%
36.4
47.00%
37.58
Louisiana
650
34
32.5
23.4%
36.4
43.60%
58.11
Mississippi
647
35
38.87
21.3%
37
44.80%
81.46
 

The editors at FitSmallBusiness.com, the digital business publication, wanted to find out why this is so.  The quality of education tends to be higher in the North, which results in more responsible decision-making, and often, higher incomes.  Southerners tend to suffer from bad personal credit due to poorly ranked educational systems and a heavy dependence on government aid.  Southerners also tend to have higher bankruptcy filing rates than northerners.  These intriguing correlations prompted the editors to analyze other location-specific factors that might affect credit scores.  Writers and editors researched financial, social, personal and environmental factors for each state

You'll find the entire report HERE.

 

FitSmallBusiness editors used these weighted baseline metrics to factor into their analysis:

  • Cost of Living (10 percent)
  • Median Household Income (10 percent)
  • Quality of public education (10 percent)
  • Percent of residents with a bachelor's degree (10 percent)
  • Unemployment rates (10 percent)
  • Average debt per person (10 percent)
  • Bankruptcies per 100,000 residents (10 percent)
  • Median age of residents (10 percent)
  • State spending on public assistance (10 percent)
  • Marital status (10 percent)

"None of this means that any individual northerner is more credit worthy than any individual southerner," says Sarah Wright-Killinger, Managing Editor, FitSmallBusiness. She added: "But, it is interesting to see how credit scores and location correlate."

About FitSmallBusiness.com:
With a rapidly growing monthly readership of more than 2.5 million, FitSmallBusiness.com is an online publication devoted to helping small business owners.  Its full-time staff of writers spends hours of research, data analysis, and interviews with industry experts to answer the questions that owners want in order to run a successful small business. 

SOURCE NEW YORK, June 12, 2019 /PRNewswire/ -- FitSmallBusiness.com www.FitSmallBusiness.com